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Requirement
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Motor Vehicle Loan Schedule
Requirement
- Must be a member of the credit union for 3 months.
- Must have unencumbered shares of 0-20%-(1-13yrs) of the amount requested for vehicle to be purchased & no deposit requires for vehicle new
- Maximum loan amount $13M.
- Pro-forma invoice, valuation report from our list of approved valuators, import entry (if vehicle as never being driven in Jamaica before), copy of title, fitness, registration, discharge of lien, statement from debtors, concession letter, copy of vendors’ ID and other related documents for vehicle to be purchased must be submitted.
- Debt to income ratio must not exceed 60%.
- Repayment period 36 – 120 months.
- Compulsory savings cannot be withdrawn until the loan is repaid.
- Service charge 2-2.5% of amount requested.
- Interest rate 7.59% -13.5% per annum on the reducing balance.
- Last 2 salary slips
- Picture identification
- Loan repayment to be done via salary deduction & OR Standing Order if the company does not accept salary deduction.
- Job Letter (Everyone Except JDF Military Personnel)
- Credit Report done - $2,300.00.
- Bill of Sale document to be completed & signed by both staff & members on all pages. - $2,500.00
- Notice of lien to be stamped by Tax Office to affect lien on Certificate of Title.
- Endorsement Letter to be stamped & signed by the Insurance Company to note our interest in said vehicle.
Motor Vehicle Loan Schedule
| Year | Financing | Shares | Period | % Rate |
|---|---|---|---|---|
| New | 100% | 0% | 10 yrs |
7.59% up to $9M
9.09% over $9–13M
12% over $13M
|
| 1–3 yrs. | 95% | 5% |
1 – 9 yrs
|
9.85% |
| 4–5 yrs. | 95% | 5% | 8 yrs | 9.99% |
| 6–8 yrs. | 90% | 10% | 6 yrs | 11.50% |
| 9–11 yrs. | 80% | 20% | 5 yrs | 13.50% |
| 12–13 yrs. | 80% | 20% | 3 yrs | 13.50% |